New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter XXXVIII - New York State Project Finance Agency
Part 2301 - Prompt Payment Policy Statement
Section 2301.2 - Definition of terms
Current through Register Vol. 46, No. 12, March 20, 2024
For the purpose of this policy statement, the following terms shall have the following meanings unless the context shall clearly indicate otherwise:
(a) Agency shall mean the New York State Project Finance Agency.
(b) Contract shall mean an enforceable agreement entered into by the agency and a contractor, including purchase orders. Bond resolutions and purchase agreements are not contracts within the meaning of this section.
(c) Contractor shall mean any persons or organizations providing goods, property or services to the agency pursuant to a contract.
(d) Designated payment department shall mean that department within the agency to which a proper invoice is to be submitted by a contractor.
(e) Prompt payment shall mean payment of a debt due and owing by the agency before interest accrues thereon pursuant to the specifications herein.
(f) Proper invoice shall mean a written request for contract payment, setting forth the description, price and quantity of goods, property or services provided by a contractor in such form, and supported by such other substantiating documentation as the agency may reasonably require.
(g) Receipt of invoice shall mean either (1) the date on which a proper invoice is received by the designated payment department, or (2) the date on which the agency receives the purchased goods, property or services covered by the proper invoice, whichever is later.
(h) Setoff shall mean the reduction by the agency of a payment due to a contractor by an amount equal to the amount of an unpaid legally enforceable debt owed by the contractor to the agency.
